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EU-27 current account deficit fell to EUR 128 bn in 2009
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Preliminary results show that in 2009 the EU-27 recorded a current account deficit of EUR 128 billion: after peaking in 2008, it returned to values noted in 2007. Relative to GDP, it decreased to 1.1 % in 2009 from 1.9 % in 2008. This was mainly due to the substantial fall of the deficit in the goods account. The drop of the deficit in the income account was roughly compensated by the reduction of the surplus in the services account, while current transfers remained stable. Although in 2009 the total current account, in net terms, was close to 2007, in gross terms both credit and debit are well below the values recorded in the two previous years, as a consequence of the shrinkage of transactions in goods, services and income.
In the goods account, values for both imports and exports diminished compared to 2008. However, the fall in exports was 40 % smaller than for imports, which resulted in the fall in the deficit from EUR 205.0 billion to EUR 87.2 billion (from 1.6 % of GDP to 0.7 % of GDP).
Luca PAPPALARDO, Olaf NOWAK - Personal Name
NONE
Management
English
2010
1-8
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